G>385.1 


J3ill  ~fo    inCorpon3Ll"£.  Mil+ovi 


®be  TLibvat? 

of  ffje 

Wmbersttp  of  j?ortf)  Carolina 


Cnbotoeb  ftp  ^fje  dialectic 

ants 

^fjilanttjroptc  Societies; 

3&SM.  MUh 


00042071907 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


C 


Form  No.  A-368,  Rev.  8/95 


Senate  Bill,  No.  18.] 


[Ses.  1858-'9. 


Introduced  by  Mr.  Brown,  of  Caswell. 


Holden  &  Wilson,  Printers  to  the  State. 


A  BILL  TO  INCORPORATE  THE  MILTON"  AND  YAN- 
CEYYILLE  JUNCTION  RAIL  ROAD  COMPANY. 


2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

2 
3 
4 
5 
6 
7 
8 
9 
C""*10 


Sec.  1.  Be  it  enacted  by  the.  General  Assembly  of  the 
State  of  North  Carolina,  and  it  is  hereby  enactedby  authority 
of  the  same,  That  for  the  purpose  of  constructing  a  Rail- 
road from  some  point  on  the  North  Carolina  line,  at  or 
near  Milton,  by  way  of  Yanceyville,  to  the  North  Caroli- 
na Railroad  at  Greensboro',  or  the  work-shops,  as  a  ma- 
jority^of  the  stockholders  may  decide,  with  the  privilege 
of  connecting  the  same  with  the  Richmond  and  Danville 
Railroad,  when  authorized  by  the  Legislature  of  Yirginia 
the  formation  of  a  company  is  hereby  authorized,  with  a 
capital  stock  of  five  hundred  thousand  dollars,  called  the 
Milton  and  Yanceyville  Junction  Railroad  Company,  and 
when  formed  in  compliance  with  the  conditions  hereinaf- 
ter prescribed,  to  have  a  perpetual  existence  as  a  body 
politic  and  corporate. 

Sec  2.  Be  it  further  enacted,  That  for  the  purpose  of 
creating  the  capital  stock  of  said  company,  the  following 
persons  be,  and  the  same  are  hereby  appointed  commis- 
sioners, to  wit :  at  Milton,  under  the  superintendence  of 
Sam'l.  Watkins,  John  Wilson,  sen.,  Dabney  Terry,  M. 
McGehee,  N.  M.  Lewis,  Thomas  Donoho ;  at  Yancey- 
ville, under  the  superintendence  of  John  A.  Graves,  Samuel 
P.  Hill,  Thomas  D.  Johnston,  Thomas  Bigelow  and  George 
Williamson ;  at  Greensboro',  under  the  superintendence  of 
James  R.  McLean,  James  Sloan,   R.  P„  Dick,  and  R. 


<L~ 


2  Senate  Bill  No.  18.  [Session 

11  Gorrell ;  at  Graham,  under  the  superintendence  of  E.  M. 

12  Holt,  Dr.  John  Ruffin,  Jesse  Gant,  George  Patterson ;  at 

13  Locust  Hill,  under  the  superintendence  of  Calvin  Graves, 

14  Chesley  Turner,  Antiochus  Boswell,  Dr.  James  E.  William- 

15  son,   Anthony  "Williamson  ;  at  Anderson's   store,   under 

16  the  superintendence  ot  Dr.  John  Q.  Anderson,  A.  B. 

17  Walker,  J.  Bird,  Thornton   Baines,   and   at  such  places 

18  and  by  such  other  persons  as  the  commissioners  at  Yancey- 

19  ville  may   direct,  whose  duty  it  shall  be  to  open  books 

20  for  the  subscription  of  stock,  at  such  times  and  places,  and 

21  under  the  direction  of  such  persons  as  they,  or  a  majority 

22  of  them,  may  deem  proper ;  and  said  commissioners  shall 

23  have  power  to  appoint  a  chairman  of  their  body,  treasurer, 

24  and  other  officers,  and  to  sue  for  and  recover  all  sums 

25  of  money  that  should  be  received  by  them  under  this  act. 

Sec.  3.  Be  it  further  enacted,  That   when  the  sum  of 

2  one  hundred  thousand  dollars  shall  have  been  subscribed 

3  in  the  manner  and  form  aforesaid,  in  shares  of  one   hun- 

4  dred  dollars  each,  and  shall  have  paid  five   per   cent,  on 

5  the  same  to  the  persons  authorized  to  receive  the   same, 

6  and  all  subscriptions  upon  which  five  per  cent,  is  not  paid 

7  shall  be  null  and  void  ;  the   subscribers,  their  executors, 

8  administrators  or  assigns,  shall  be  and  they  are  hereby 

9  declared  incorporated  into  a  company  by  name  and  style 

10  of  the  Milton  and  Yancey  ville  Junction  Rail  Road   Com- 

11  pany,  and  by  that  name  shall  be  capable  in  law  and  equi- 

12  ty  of  purchasing,  holding,  selling,  leasing  and  conveying 

13  estates,  real,  personal,  and  mixed,  and  of  acquiring   the 

14  same  by  gift  or  otherwise  so  far  as  shall  be  necessary  for 

15  the  purposes  embraced  in  their  charter,  and  shall  have 

16  perpetual  succession,  and  may  sue  and  be  sued  by  their 

17  corporate  name,  plead  and  be  impleaded  in  any  court  of 

18  law  or  equity  in  the  State  of  North   Carolina   or   other 

19  State  having  competent  jurisdiction,  and  may  have  and 

20  use  a  common  seal,  which   they   may  alter  or  renew   at 
2,1  pleasure,  and  shall  have  and  enjoy  all   other  rights   and 

22  privileges  which  other  corporate  bodies  may  and  do   ex- 

23  ercise,  and  make  all  such  by-laws,  rules,  and  regulations,' 


lS58-'9.]  Senate  Bill  Xo.  18.  3 

24  as  may  be  necesssary  for  the  government  of  the  Said  Com- 


as 


pany. 


Sec.  4.  Be  it  further  enacted,  That  it  shall  be  the  duty 

2  of  the  stockholders,  or  a  majority  of  them  so  soon  as  the 

3  sum  of  one  hundred  thousand  dollars  shall  have  been  sub- 

4  scribed,  as  aforesaid,  to  appoint  a  time  and  place,  and  give 

5  at  least  thirty  days  public  notice,  for  the  stockholders  to 

6  meet,  at  which  time  and  place,  a  majority  of  the   stock 

7  being  represented  in  person  or  by  proxy,  shall  proceed  to 

8  elect  nine  directors  out  of  the  number  of  stockholders, 

9  each  of  whom  shall  possess   at  least  two  shares  of  stock, 

10  and  shall  also  proceed  to  elect  a  President  and  Treasurer, 

11  out  of  the  number  of  stockholders,  and  the  said  directors 

12  shall  have  power  to  do  all  things  necessary  for  the  govern- 

13  ment  of  the  company,  and  for  the  transaction  of  business. 

14  The  persons  elected  directors,  as  aforesaid,  shall  serve  for 

15  one  year,  and  the  election  for  President,  Treasurer  and 

16  Directors  shall  be  held  annually  at  such  times  and  places 

17  as  the  stockholders  may  direct.     But  if  the  day  for  the  an- 

18  nual  election   should  pass  without  an  election  of  officers, 

19  the  officers  formerly  elected  shall  continue  in  office  until 

20  a  new  election  takes  place. 

Sec.  5.  Be  it  further  enacted,  That  the  election  of  all  of- 

2  fleers  shall  be  by  ballot,  each  stockholder  casting  as  many 

3  votes  as  he  has  shares  in  the  stock  of  said  company,  and 

4  the  person  receiving  a  majority  of  the  stock  polled,  shall 

6  be  considered  duly  elected.     Each  share  of  the  stock  shall 

7  be  entitled  to  one  vote,  to  be  represented  in  person  or  by 

8  proxy.     Proxies  to  be  verified  in  such  manner  as  the  By- 

9  laws  may  prescribe. 

Sec.  6.  Be  it  further  ena-cted,  That  the  Board  of  Direc- 

2  tors  may  call  for  the  sums  subscribed  as  stock  in  said  com- 

3  pany,  in  such  installments  as  the  interest  of  said  company 

4  may,  in  their  opinion,  require.     The  call  for  each  payment 

5  to  be  published,  in  one  or  more  newspapers,  for  the  space 

6  of  one  month,  before  the  day  of  payment ;  and  on  the  fail- 

7  ure  of  any  stockholder  to  pay  each  installment  as  thus  re- 

8  quired,  the  Directors  may  sell  at  public  auction,  ten  days 


4  Senate  Bill  No.  18.  [Session 

9  notice  having  been  given,  for  cash,  all  the  stock  subscribed 

10  for  in  said  company  by  such  stockholder,  and  convey  the 

11  same  to  the  purchaser  at  said  sale,  and  if  said  sale  of  stock 

12  do  not  produce  a  fund  sufficient  to  pay  off  the  incidental 

13  expenses  of  the  sale,  and  the  entire  amount  owing  by  such 

14  stockholder  to  the  company  for  such  subscription  of  stock, 

15  then,  and  in  that  case,  the  whole  of  such  balance  shall  be 

16  held  as  due  at  once  to  the  company,  and  may  be  recover- 

17  e«i  of  such  stockholder,  or  his  executors,  administrators,  or 

18  assigns,'at  the  suit  of  said  company,  by   action    of  assump- 

19  sit,  in  any  court  of  competent  jurisdiction,  or  by  warrant 

20  before  a  justice  of  the  peace,  when  the  sum  does  not  ex- 

21  ceed  one  hundred  dollars,  and  in  all  cases  of  assignment  of 

22  stock  before  the  whole  amount  has  been  paid  to  the  com- 

23  pany,  then  for  all  sums  due  on  such  stock,  both  the  origi- 

24  nal  subscriber,  the    first    and   all   subsequent  assignees, 

25  shall  be  liable  to  the  company,  and  recovered  as  above 

26  described. 

Sec.  7.  Be  it  further  enacted,  That   the   debt   of  the 

2  stockholders  due  to  the  company  for  stock  therein  either 

3  by  the  original  subscriber  or  his  assignee,  shall  be  of  equal 

4  dignity  with  judgments  in  the  distribution    of  assets   of  a 

5  deceased  stockholder  by  his  legal  representatives. 

Sec.  8.  Be  it  further  enacted,  That  said  company  shall 

2  issue  certificates  of  stock  to  its  members,   and  said  stock 

3  may  be  transferred  in  such  manner  as   may  be  directed 

4  by  the  by-laws  of  said  company. 

Sec.  9.  Be  it  further  enacted,  That  said  company  may 

2  at  any  time  increase  its  capital  stock  to  a  sum  sufficient  to 

3  complete  said   road,   not  to  exceed  an  additional  sum  of 

4  seven  hundred  thousand   dollars,  either  by  opening  books 

5  for  subscription  of  new  stock  or  borrowing  money  on  the 

6  credit  of  the  company  or  on  the  mortgage  of  its  charter 

7  and  works,  as  shall  be  prescribed  by  the  stockholders. 

Sec.  10.  Be  it  further  enacted,  That  said  company  shall 

2  have  power  to  construct  as  speedily  as  possible,  a  rail  road 

3  with  one  or  more  tracks  along  the  lino  as  heretofore  set 

4  out  in  this  act,  and  shall  have  the  privilege  of  using  an}r 


lS58-'9.]  Senate  Bill  No.  18.  5 

5  section  of  said  road  constructed  h}'  them  before  the  whole 

6  is  completed. 

Sec.  11.  Be  it  further  enacted,  That  all    contracts    or 

2  agreements   authenticated  by  the  president  and  secretary 

3  of  the  board,  shall  be  binding  on  the  company  ;  such   a 

4  mode    of   authentication  to    be  used  as  the   company   by 

5  their  by-laws  may  direct. 

Sec.  12.  Be  it  further  enacted,  That  said  company  shall 

2  have  the  right,  when  necessary,  to  construct  the  said  road 

3  across  any  public  road,  or  along  the  side  of  any  public 

4  road. 

Sec.  13.  Be  it  further  enacted,  That  when  any  land  or 

2  right  of  way  ma}^  be   required  by  said  company  for  the 

3  purpose  of  constructing  their  road,  and  for  want  of  agree- 

4  ment  as  to  the  value  thereof,  or  from  any  other  cause,  the 

5  same  cannot  be  purchased  from  the  owner  or  owners,  the 

6  same  may  be  taken  at  a  valuation  to  be  made  by  five  com- 

7  missioners,  or  a  majority  of  them,  to  be  appointed  by  the 

8  county  courts  of  the  respective  counties  where  some  part 

9  of  the  land  or  right  of  way  is  situated.     In  making1  the  said 

O  ^  CD 

10  valuation  the  said  commissioners  shall  take  into  considera- 

11  tion  the  loss  or  damage  which  may  accrue  to  the  owner  or 

12  owners  in  consequence  of  the  lands  or  right  of  way  being 

13  surrendered,  and  the  benefit  or  advantage  he,  she  or  they 

14  ma}r  receive  from  the  erection  of  said  road,  and  state  par- 

15  ticularly  the  value  and  amount  of  each,  and  the  excess  of 

16  loss  and  damage  over  and  above  the  advantages  and  ben- 

17  efit,  shall  form  the  measure  of  valuation  of  said  land  or 

18  right  of  way:  Provided,  nevertheless,  That  if  any  person 

19  or  persons  over  whose  lands  the  road  may  pass,  or  the 

20  company  should  be  dissatisfied  with  the  valuation  of  said 

21  commissioners,  then,  and  in  that  case,  either  party  may 

22  appeal  to  the  superior  court.     The  proceedings  of  said 

23  commissioners,  accompanied  with  a  full  description  of  said 

24  land  or  right  of  way,  shall  be  returned  under  the  hands 

25  and  seals  of  a  majority  of  the  commissioners  to  the  court 

26  from  which  the  commission  issued,  there  to  remain  a  mat- 

27  ter  of  record.     And  the  lands  or  right  of  way  so  valued  by 


6  Senate  Bill  No.  18.  [Session 

28  the  commissioners  shall  vest  in  the  said  company  so  long 

29  as  the  same  shall  be  used  for  the  purposes  of  said  railroad, 

30  so  soon  as  the  valuation  may  be  paid,  or  when  refused, 

31  may  have  been  tendered  :  Provided,  That  on  application 

32  for  the  appointment  of  commissioners  under  this  section, 

33  it  shall  be  made  to  appear  to  the  satisfaction  of    he  court 

34  that  at  least  ten,  days  previous  notice  has  been  given  by 

35  the  applicant  to  the  owner  or  owners  of  lands  proposed  to 

36  be  condemned :    Provided,  That  the   right  of  condeinna- 

37  tion  shall  not  extend  to  the  dwelling  house,  yard  or  garden 

38  of  any  individual  without  his  consent. 

Sec.  14.  Be  it  further  enacted,  That  the  right  of  said 

2  company  to  condemn   lands   in  the  manner  described  in 

3  the  13th  section  of  this  act  shall  extend   to  the  condemn- 

4  ing  only  one  hundred  feet  on  each  side  of  the  main  track 

5  of  the  road,  unless  in  case  of  deep  cuts  and  fillings,  when 

6  said  company  shall  have  power  to  condemn  as  much  in 

7  addition   thereto  as  may  be  necessary  for  the  purpose  of 

8  constructing  said  road;  and  the  company  in  like  manner 

9  shall  also  have  power  to  condemn  any  adjoining  lands  for 

10  the  construction  and  building  depots,  shops,  ware-houses, 

11  buildings  for  servants,  agents,  and  persons  employed  on 

12  the  road,  not  exceeding  two  acres  in  one  lot  or  station. 

Sec.  15.  Be  it  farther  enacted,  That  all  lands  on  which 

2  the  road  may  be  located,  not  heretofore  granted  by  the 

3  State,    within    one  hundred    feet  of  the  centre  of    said 

4  road,  which  may  be   constructed   by  said  company,  shall 

5  vest  in  the  company  as  soon  as  the  line  of  the  road  is  deti- 

6  nitely  laid  out. 

Sec.  16.  Be  it  further  enacted,  That  said  company  shall 

2  have  the  exclusive  right  of  the  conveyance  or  transporta- 

3  tation  of  persons,  goods,  merchandise,  or  produce,  over 

4  said  road,  at  such  charges  as  may  be  fixed  on  by  a  maiori- 

5  ty  of  the  Directors. 

Sec.  17.  Be  it  further  enacted,  That  said  company  shall 

2  have  the  right,  and  it  shall  be  their  duty,  to  take  at  the 

3  store  houses   they  may  establish    on,    or   annex   to   their 

4  rail  road,  all  goods,  wares,  merchandise  and  produce  in- 


1858-'9.]  Senate  Bill  No.  18.  7 

5  tended  for  transportation,  prescribe  the  rules  of  priority 

6  and  charge,  and  receive  such  just  and  reasonable  com- 

7  pensation   for  storage   as  they  by  rules  may  establish,  or 

8  may  be  fixed  by  agreement. 

Sec.  18.  Be  it  further  enacted,  That  the  Board  of  Di- 

2  rectors  may  fill  all  vacancies  which  may  occur  in  it,  during 

3  the  period  for  which  they  have  been  elected,  and  in  the 

4  absence  or  death  of  the  President,  may  appoint  a  Presi- 

5  dent  pro  tempore,  to  fill  his  place,  from   among   their 

6  number. 

Sec.  19.  Be  it  further  enacted,  That  the  profits  of  the 

2  company,  or  so  much  thereof  as  the  Directors  may  deem 

3  advisable,  shall,  when  the  affairs  of  the  company  will  per- 

4  mit,  be  semi-annually  divided  among  the  stockholders  in 

5  proportion  to  the  stock  each  may  own. 

Sec  20.  Be  it  further  enacted,  That  notice  of  process 

2  upon  the  President,  any  Director,  or  acting  agent  of  said 

3  company,  shall  be  deemed  lawful  notice  of  service  of  pro- 

4  cess  upon  the  company. 


Photomount 

Pamphlet 

Binder 

Gaylord  Bros. 

Makers 

Syracuse,  N.  Y. 

PAT.  JAN  21,  1908 


